The Australian chapter of GRR’s Asia-Pacific Restructuring Review 2021, authored by Herbert Smith Freehills, is now available and reproduced below.
This latest edition covers major Australian legislative developments, transactions and case law relating to restructuring and insolvency in Australia over the past 12 months including:
Legislation
- Temporary COVID-19 insolvency law amendments
- Anti-phoenixing amendments to the Corporations Act
Key restructurings
The Supreme Court decision in Bresco made it clear that a company in liquidation does have the right to adjudicate its disputes under a construction contract. Any difficulties concerning potential repayment by an insolvent company to the paying party if the paying party later should overturn the adjudicator's decision should be taken into account at the summary judgment hearing to enforce an adjudicator's decision.
Now, with the case of John Doyle v. Erith Contractors, we have further guidance as to how the court will approach enforcement.
Executive Summary
A recent decision from the United States Bankruptcy Court for the Northern District of Texas, In re Care Ctrs., LLC, No. 18-33967, 2020 Bankr. LEXIS 3205 (Bankr. N.D. Tex. Nov. 12, 2020), examined (1) the scope of bankruptcy court subject-matter jurisdiction for post-confirmation actions filed in state court and removed to bankruptcy court; and (2) when the court must or should abstain and remand a proceeding back to the court where the action was originally brought.
Italy has fully integrated the European Account Preservation Order into its procedures alongside existing protective tools available to creditors, who can now also request that their debtors' bank accounts in the European Union be frozen directly by the account bank.
On October 18, 2020 Italy adapted its civil procedure rules to incorporate the European Account Preservation Order ("EAPO") (introduced by EU Regulation 655/2014, in force since January 2017 ("the Regulation")) as an additional protective measure in favor of creditors.
An application to admit witness evidence outside the directions timetable should be treated like an application for relief from sanctions under CPR 3.9 according to the High Court in Wolf Rock (Cornwall) Ltd v Langhelle.
Facts
DJ Miller, Thornton Grout Finnigan
This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.
In summary
This chapter highlights the flexible nature of Canada’s restructuring regime, where creative solutions to novel and complex issues are welcomed by the judiciary.
Discussion points
Luiz Fernando Valente de Paiva, Giuliano Colombo, Andre Marques, Carolina Kiyomi Iwamoto and Ana Beatriz Araujo Ribeiro do Valle, Pinheiro Neto Advogados
This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.
In summary
On December 14, 2020, Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas, issued an important decision in the CEC Entertainment, Inc. (Chuck E. Cheese) bankruptcy case, Case No. 20-33163, denying the Debtors’ motion to abate their obligations to pay post-petition rent due to government shutdown orders issued as a result of the COVID-19 pandemic. Memorandum Opinion [Dkt. No. 1492].
Job van Hooff and Sophie Beerepoot, Stibbe
This is an extract from the 2020 edition of GRR's the Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
In summary
Michael Murphy and Grace Armstrong, McCann FitzGerald
This is an extract from the 2020 edition of GRR's the Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
In summary